PUBGY - Publicis Gets Through 2020 Unharmed And Is Still Cheap

• Publicis is one of the largest advertising agencies in the world, and despite the COVID pandemic, its 2020 results were pretty good.
• The company has a history of pursuing expensive M&A after it needs to reduce the leverage on its balance sheet.
• That has happened now, and Publicis is likely ready for more M&A.
• While still cheap from a fundamental perspective, I'm not a buyer at the current level. I prefer to use out of the money put options.

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